The document discusses factors that affect family income and making a budget, including amount of income, family size and composition, and family values and needs. It explains that needs include food, shelter, clothing, water, education, and transportation, while wants are materials the family desires but can postpone if the budget is not enough. The document provides examples of budgeting for different scenarios like a birthday party, outing, groceries, and tuition. It emphasizes identifying priority needs and allocating the budget accordingly.